Multifamily

GALMAN GROUP BUYS 432-UNIT APARTMENT COMPLEX IN DELAWARE

by admin October 9, 2013

NEWARK, DEL. — Galman Group has purchased Morgan Crossing, a 432-unit apartment complex in Newark, a city in northeast Delaware. Galman has renamed the property Cooper’s Place. Located at 146 Chestnut Crossing Drive, Cooper’s Place is a three-story garden apartment complex with a brick façade, consisting of one-, two- and three-bedroom units. Amenities at the complex include a pool, fitness center and tennis courts. Karen Iman and Brian Whitmer of Cushman & Wakefield represented the seller, Morgan Management, in the transaction. Galman Group, which owns and manages more than 6,000 apartments and condominiums in Pennsylvania and Delaware, was represented in-house.

October 9, 2013

GFI ARRANGES $7.1M SALE OF NYC APARTMENT BUILDING

by admin October 9, 2013

NEW YORK CITY — GFI Realty Services Inc. has arranged the $7.1 million sale of 475 Ocean Ave., a six-story apartment building in the Flatbush section of Brooklyn. The sales price equates to twelve times the rent roll and $150,000 per unit. Constructed in 1931, the 47-unit apartment property spans 54,854 square feet. Josh Orlander, a salesperson at GFI Realty Services, represented the seller and the buyer, both local investors, in the transaction. The multifamily building is located within close proximity to Prospect Park, as well as the B and Q subway lines.

October 9, 2013

Multifamily Northeast

WASHINGTON TRUST PROVIDES $5.3M ACQUISITION LOAN

by admin October 9, 2013

CRANSTON, R.I. — Washington Trust’s commercial real estate group has provided $5.3 million in financing to Residences at Garden City LLC for the purchase of Garden City Apartments in metro Providence. The garden-style apartment complex includes seven two-story buildings with 56 one-bedroom apartments and 38 two-bedroom units. Built in 1948, the property is within proximity to I-95, Route 295 and Route 2 in Cranston.

October 9, 2013

Multifamily Texas

GREYSTONE ARRANGES $20.2M CMBS LOAN FOR HOUSTON MULTIFAMILY PURCHASE

by admin October 9, 2013

HOUSTON — Greystone has arranged a $20.2 million CMBS loan for the acquisition of The Place at Greenway, a multifamily property in Houston. Located at 3333 Cummins Lane, the apartment complex includes 219 units plus amenities such as a pool, clubhouse and fitness center. The loan, which was co-sponsored by Redwood Capital Group of Chicago and BH Management Services of Des Moines, Iowa, features a 10-year term and a fixed interest rate. Robert Russell of Greystone originated the loan and managed the closing.

October 9, 2013

Multifamily Texas

HFF ARRANGES $17.3M ACQUISITION FINANCING FOR AUSTIN MULTIFAMILY PROPERTY

by admin October 9, 2013

AUSTIN, TEXAS — HFF has arranged $17.25 million in financing for the acquisition of Ten Oaks Apartments in Austin on behalf of Price Realty Corp. The multifamily complex, completed this year, features 192 units that are 97 percent occupied as well as amenities such as a clubhouse, fitness center, resort-style pool, business center and cyber cafe. Ten Oaks is located at 12612 N. Lamar Blvd., about 10 miles north of downtown and in close proximity to Interstate 35 and U.S. 290. John Brownlee of HFF arranged the terms of the three-year, floating-rate loan on behalf of the borrower, Price Realty Corp.

October 9, 2013

Multifamily Western

EMERALD ISLE IN PLACENTIA RECEIVES $62.5M IN REFINANCING

by admin October 9, 2013

PLACENTIA, CALIF. – The 422-unit Emerald Isle, a Class A, age-restricted apartment community in Placentia, has received a $62.5-million refinancing. The community is located at 661 North Rose Drive in the Orange County suburb. It is leased to seniors ages 55 years and older. Emerald is currently 97 percent leased. The ten-year, fixed-rate loan contains a $56.5-million CMBS first mortgage and a $6-million mezzanine loan. Both loans feature five years of interest-only payments. The owner used the new funds to prepay the existing CMBS and mezzanine loans. The transaction was executed by Seth K. Grossman of Meridian Managing and Greg Reed and Kristen Croxton of Beech Street Capital.

October 9, 2013

Multifamily Southeast

CAPITAL ADVISORS ARRANGES $10.5M IN REFINANCING FOR JACKSONVILLE APARTMENTS

by admin October 8, 2013

JACKSONVILLE, FLA. — Capital Advisors has arranged $10.5 million in refinancing for the 288-unit Gregory Cove Apartments, a garden-style apartment community located at 5601 Edenfield Road in Jacksonville. The apartment features a swimming pool, fitness center, business center, a picnic/park area and a library. Philip Rachels of Capital Advisors’ Jacksonville office arranged the loan through Prudential Mortgage Capital Co. LLC on behalf of the borrower, Vestcor Fund XXII Ltd. The 10-year non-recourse loan features a 30-year amortization schedule.

October 8, 2013

Multifamily Texas

WOOD PARTNERS BREAKS GROUND ON $36.3M DALLAS MULTIFAMILY PROJECT

by admin October 8, 2013

DALLAS — Wood Partners has broken ground on Alta Maple Station, a $36.3 million, 249-unit apartment community in downtown Dallas. The property, located at 5522 Maple Ave., allows for easy access to the Dallas Area Rapid Transit system and major area employers Parkland Hospital, University of Texas Southwestern and Southwest Airlines. Amenities such as a resort-style pool, fitness center and media lounge will be included in the complex. Leasing is scheduled to begin in late 2014, and construction is slated for completion in early 2015. Wood Partners is acting as both developer and general contractor on the project. Good, Fulton & Farrell Architects is serving as the architect.

October 8, 2013

Multifamily Texas

PANTHER INVESTMENTS SELLS 196-UNIT APARTMENT COMPLEX IN DALLAS

by admin October 8, 2013

DALLAS — Panther FW Investments LLC has sold Arbor Vista, a 196-unit Class B multifamily property in Dallas, to an out-of-state buyer. The community, located at 9850 Whitehurst Drive, offers studio, one-, two- and three-bedroom floor plans plus amenities such as commercial-grade playgrounds, barbecue and picnic areas and a clothes care center. After purchasing the asset in 2010, Fort Worth-based Panther held the complex for approximately 30 months.

October 8, 2013

Multifamily Western

MACK URBAN, AECOM BUY SIX ACRES IN DOWNTOWN LA FOR $80M

by admin October 7, 2013

LOS ANGELES — Mack Urban and AECOM Capital have purchased six acres of land in Downtown Los Angeles’ South Park district for more than $80 million. This transaction represents the largest land acquisition by acreage in the Central Business District prior to the start of the 2008 economic recession, according to Mack Urban. The partnership plans to develop high-rise towers on the land. The project is currently in the planning and design phase. A groundbreaking is scheduled for late 2014, while completion of the final phases is slated for 2024. The project will be designed by AC Martin Partners. The seller was EVOQ Properties. AECOM Capital is the investment fund of AECOM Technology Corporation.

October 7, 2013

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